The Cabinet of Ministers has approved granting a 10% annual interest for fixed deposits of senior citizens.
Accordingly, the 10% annual interest will be granted for two years for fixed deposits of up to Rs.1 million for senior citizens above 60 years of age.
The government states that the decision was taken after complaints of senior citizens withdrawing their fixed deposits due to the low interest rate of 8.5% provided previously.
As such, the President, in his capacity as the Minister of Finance and National Policies, had proposed revising the annual interest to 10% and granting it for two years for fixed deposits of up to Rs.1 million for senior citizens above 60 years of age. (Newswire)
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